Beam Therapeutics (NASDAQ:BEAM) Trading Up 10.5% – What’s Next?

Beam Therapeutics Inc. (NASDAQ:BEAM)’s stock price rose 10.5% during trading on Wednesday . The stock traded as high as $31.33 and last traded at $32.9050. Approximately 191,886 shares were traded during mid-day trading, a decline of 90% from the average daily volume of 2,009,289 shares. The stock had previously closed at $29.79.

Analysts Set New Price Targets

Several brokerages have recently issued reports on BEAM. Sanford C. Bernstein reduced their price objective on Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating for the company in a research report on Wednesday, May 13th. Citigroup lifted their target price on Beam Therapeutics from $64.00 to $68.00 and gave the company a “buy” rating in a research note on Thursday, March 26th. HC Wainwright reiterated a “buy” rating and set a $80.00 price target on shares of Beam Therapeutics in a research report on Thursday, May 21st. Canaccord Genuity Group started coverage on Beam Therapeutics in a report on Friday, February 20th. They set a “buy” rating and a $74.00 price target on the stock. Finally, Tudor Pickering set a $39.00 price objective on shares of Beam Therapeutics in a report on Wednesday, May 13th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $46.83.

Beam Therapeutics Price Performance

The company has a debt-to-equity ratio of 0.09, a current ratio of 16.99 and a quick ratio of 16.99. The company has a market cap of $3.37 billion, a P/E ratio of -48.23 and a beta of 2.26. The company has a fifty day simple moving average of $28.02 and a 200-day simple moving average of $27.48.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.91) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.03) by $0.12. Beam Therapeutics had a negative return on equity of 29.00% and a negative net margin of 39.66%.The firm had revenue of $31.74 million for the quarter, compared to analysts’ expectations of $10.98 million. During the same quarter last year, the business posted ($1.23) EPS. Beam Therapeutics’s revenue was up 323.2% on a year-over-year basis. On average, sell-side analysts predict that Beam Therapeutics Inc. will post -4.23 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Amy Simon sold 6,700 shares of the stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $24.58, for a total value of $164,686.00. Following the completion of the sale, the insider directly owned 102,735 shares of the company’s stock, valued at $2,525,226.30. This represents a 6.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO John M. Evans sold 30,078 shares of Beam Therapeutics stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $24.58, for a total transaction of $739,317.24. Following the sale, the chief executive officer directly owned 1,047,205 shares of the company’s stock, valued at $25,740,298.90. This trade represents a 2.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 79,544 shares of company stock worth $1,899,942 over the last three months. Company insiders own 3.80% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Jones Financial Companies Lllp raised its holdings in shares of Beam Therapeutics by 55,780.0% during the 1st quarter. Jones Financial Companies Lllp now owns 33,528 shares of the company’s stock valued at $655,000 after purchasing an additional 33,468 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Beam Therapeutics by 10.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 438,529 shares of the company’s stock valued at $8,564,000 after purchasing an additional 42,609 shares during the period. Prudential Financial Inc. acquired a new stake in Beam Therapeutics during the second quarter worth about $201,000. New York State Common Retirement Fund lifted its position in shares of Beam Therapeutics by 17.7% in the 2nd quarter. New York State Common Retirement Fund now owns 30,629 shares of the company’s stock worth $521,000 after acquiring an additional 4,600 shares during the period. Finally, Invesco Ltd. lifted its position in Beam Therapeutics by 46.0% in the second quarter. Invesco Ltd. now owns 128,874 shares of the company’s stock worth $2,192,000 after purchasing an additional 40,583 shares during the period. 99.68% of the stock is owned by institutional investors and hedge funds.

Beam Therapeutics Company Profile

Beam Therapeutics, Inc (NASDAQ: BEAM) is a biotechnology company dedicated to developing precision genetic medicines through its pioneering base editing platform. Headquartered in Cambridge, Massachusetts, with additional research facilities in Philadelphia, the company focuses on engineering molecular editors capable of making precise single-nucleotide changes in DNA. By harnessing its proprietary base editing technology, Beam aims to correct or disrupt disease-causing genetic variants at their source, offering the potential for novel therapies in areas with significant unmet medical need.

Founded in 2017 as a spin-out from Harvard University and the Broad and Whitehead Institutes, Beam was co-founded by leading academic researcher David R.